Must admit to being quite ignorant in this area for both the tax and legal aspects.
Retired musician husband receives over £4,000 a year from music royalties and is a higher rate taxpayer on his pension income.
Wife only has small state pension and so has around spare £7,000 personal tax allowance going forward.
Would it be standard advice for husband to assign the royalties rights to the wife. Is this run of the mill work for a solicitor or does it require specialist legal advice.
Are there any tax points created at the point of gifting the rights to the wife. Apart from the different income tax rates, what are the differences in the income tax treatment of the husband retaining the royalties as original owner versus the royalties being paid to the wife (the assignee).
And how long do these music royalties last. When do they expire. Can they be inherited by will. Can the assignee (the wife) will them to her adult children on her death.